What are factors which determine low interest rates for personal loans
10 months, 1 week ago

What are factors which determine low interest rates for personal loans

India TV News  

In today's day and age, personal loans have become a pivotal resource in an individual's financial toolkit, catering to various needs. However, securing a personal loan at favourable interest rates requires an understanding of several crucial factors and processes. Debt-to-Income Ratio The debt-to-income ratio, obtained by dividing total loan payments by total income, influences the interest rates offered on personal loans. Credit History Maintaining a clean credit history is crucial for securing a personal loan at a low interest rate. Timely payment of EMIs reflects positively on one's credit history, increasing the chances of securing loans at favourable rates.

Personal Credit Personal Loans Loans Loan Interest Credit Score Rate Rates Low  determine  rate  personal  interest  factors  securing  rates  lower  score  loans  low  loan  credit

History of this topic

Choosing the Right Type of Personal Loan for You
1 week, 4 days ago

Choosing the Right Type of Personal Loan for You

Live Mint  

Among the diverse financial products available today, personal loans stand out as a flexible and accessible option for individuals looking to meet their financial needs. Whether it's consolidating debt, funding a wedding, or managing unexpected medical expenses, personal loans can be the bridge to achieving your financial goals. Types of Personal Loans Understanding the different personal loan types can help …

Personal Loan: 6 factors that determine your interest rate
1 week, 5 days ago

Personal Loan: 6 factors that determine your interest rate

Live Mint  

When you apply for a personal loan, the banks consider different factors to determine the interest rate chargeable. Macro interest rate scenario Depending on the macro interest rate scenario in the economy, banks decide the interest rates chargeable on personal loans and other loans at a broader level. Your higher credit score can help you get a personal loan at …

6 consequences of personal loans: What you need to know before signing up
2 weeks, 5 days ago

6 consequences of personal loans: What you need to know before signing up

Live Mint  

Personal loans are one of the quick sources of funds that cater to a variety of purposes such as debt consolidation, house repairs, and even sudden medical bills. High interest rates: As personal loans are not secured, they normally come with higher interest rates than other secured loans like mortgages and auto loans. Paying off debt with loans: Personal loans …

How can a high or low credit score affect your personal loan interest rate? Check here
2 weeks, 6 days ago

How can a high or low credit score affect your personal loan interest rate? Check here

Live Mint  

From home improvements to surprise medical costs, personal loans are great for a majority of uses. The impact of credit score on personal loan interest rates 1. Determining interest rates: Your credit score will directly decide about interest rates offered to you, wherein good scores usually get eligible for more competitive rates reducing your cost of borrowing. Speed of loan …

Personal Loan: 6 crucial things you need to know before borrowing
2 weeks, 6 days ago

Personal Loan: 6 crucial things you need to know before borrowing

Live Mint  

If you are planning to take a personal loan, it is important that you keep a few aspects in mind before you start with your application process. 6 key factors to consider before applying for a personal loan Understand your credit report: Credit score plays a major role in the personal loan approval process. Beware of misleading offers: Many lenders …

Personal loan: Before zeroing in on a lender, make note of 7 key points
Trending News
3 weeks ago

Personal loan: Before zeroing in on a lender, make note of 7 key points

Live Mint  

If you are all set to borrow a personal loan, then the first and foremost thing that you need to do is to zero in on a bank to borrow the money from. It is recommended that you choose the best personal loan provider after examining your financial needs, carrying out a thorough research, and comparing different lenders and their …

How does your credit score impact personal loan approval and interest rate?
3 weeks, 6 days ago

How does your credit score impact personal loan approval and interest rate?

Live Mint  

If you have decided to apply for a personal loan, then your credit score will play an important role in determining your eligibility for the loan as well as the interest rate which you will get. The credit score plays an important role in understanding your creditworthiness and also influences the interest rate which you may get against your loan …

Understand the role of interest rates in personal loans to make smart financial decisions
Trending News
4 weeks ago

Understand the role of interest rates in personal loans to make smart financial decisions

Live Mint  

Being one of the most important yet ignored segments of banking costs, interest rates are directly proportional to the personal loans you are willing to pay towards the borrowed money. Factors affecting interest rates on personal loans Several factors might influence the interest rate on a personal loan, including: Borrower's credit score: The higher your credit score, you most likely …

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …
Trending News
4 weeks ago

5 key benefits of personal loans that you should know about –– flexibility, lack of usage curbs, and …

Live Mint  

Life often presents us with unforeseen expenses includeasily available to people. Knowing the key benefits of personal loans can help you make well-informed financial choices to achieve your objectives. The interest rates on personal loans are usually affected by several factors, including your credit score, income, and the loan amount. Quick disbursement process: Personal loans are approved and disbursed within …

Applying for a personal loan? Essential dos and don’ts to keep in mind
1 month ago

Applying for a personal loan? Essential dos and don’ts to keep in mind

India TV News  

Personal loans are popular forms of credit, but they come with higher interest rates and stricter eligibility criteria. Dos and Don’ts While Applying for a Personal Loan Dos: Take appropriate steps for secured loans Do thorough research: Before applying for a personal loan, compare lenders, interest rates, terms, and associated fees. Don’t ignore your credit score: A poor credit score …

Understanding Personal Loan Interest Rates: Key Factors to Consider
1 month, 3 weeks ago

Understanding Personal Loan Interest Rates: Key Factors to Consider

Live Mint  

Personal loan interest rates in India are influenced by various factors, including credit score, income, and repayment history. A high credit score and stable income are generally associated with lower interest rates, while a history of timely repayments and low default rates can lead to more favourable terms. Other factors such as loan purpose, employment stability, and the lender's risk …

Personal loan: How to negotiate lower interest rate? Here are a few tips
6 months, 3 weeks ago

Personal loan: How to negotiate lower interest rate? Here are a few tips

Live Mint  

For a personal loan, you can bargain for a lower interest rate. Negotiating for low interest rates Over the loan tenure, you may be able to save money by negotiating a lower interest rate on a personal loan. While internet lenders may charge higher interest rates to people with lower credit scores, banks may offer lower rates to their long-term …

Want a personal loan at lower interest rate? Here are 7 key strategies to follow
6 months, 3 weeks ago

Want a personal loan at lower interest rate? Here are 7 key strategies to follow

Live Mint  

Demonstrating your dependability as a borrower is essential to obtaining a personal loan with low interest rates. Best Personal Loan for you at lowest interest rate Instant Apply Pay attention to your credit utilisation ratio, which represents the portion of your credit limit that you are using. Especially if your credit score isn't the best, using a co-signer can help …

Personal loans for big purchases: Here are the pros and cons
6 months, 4 weeks ago

Personal loans for big purchases: Here are the pros and cons

Live Mint  

A personal loan presents a viable option for financing significant purchases. In contrast to credit cards, which may have variable interest rates based on your creditworthiness or the state of the market, personal loans provide peace of mind. Possibility of reduced interest rates: Interest rates on personal loans are usually lower than those on credit cards, especially for borrowers with …

Personal Loan: Here's list of banks offering lowest interest rates
10 months, 2 weeks ago

Personal Loan: Here's list of banks offering lowest interest rates

India TV News  

Personal loans are invaluable in emergencies, offering crucial financial assistance. Punjab National Bank Interest rates range from 12.75 per cent to 16.25 per cent for corporate employees, with the lowest interest rate for government employees being 11.75 per cent. State Bank of India Interest rates start at 11.15 per cent, and loan amounts can go up to Rs 20 lakh …

Step-by-Step Guide to Achieving Lower Rates on Your Personal Loan
1 year ago

Step-by-Step Guide to Achieving Lower Rates on Your Personal Loan

The Quint  

Personal finances can often feel like a difficult puzzle, especially when getting a personal loan at a competitive interest rate. Tip 1: Maintain a High CIBIL Score Keeping a high CIBIL score is very important if you want a personal loan with low interest rates. Tip 2: Compare Different financial institutions Don’t just go with your first option when looking …

When must you not rush to apply for personal loans? MintGenie explains
1 year, 10 months ago

When must you not rush to apply for personal loans? MintGenie explains

Live Mint  

How often do we hear that people with no money find it difficult to secure a loan whereas those with enough monetary investments or assets can easily obtain a loan? Sometimes, spending beyond a certain limit using your credit card can land you in debt, thus, prompting you to seek a personal loan to repay the debt amount. Having a …

5 reasons why you may not get the lowest interest rate on home loan
3 years, 5 months ago

5 reasons why you may not get the lowest interest rate on home loan

Live Mint  

Aligning its rate with the competition, LIC Housing Finance recently reduced its home loan interest rates. While interest rates on home loans are now very competitive, here are five reasons why you may not get the lowest rates. For higher amounts, the bank may charge higher interest rates. Also, if the home you are purchasing is old, a lender may …

Discover Related